Page:United States Statutes at Large Volume 100 Part 2.djvu/217

 PUBLIC LAW 99-498—OCT. 17, 1986

100 STAT. 1319

"(f) CONTRIBUTION FROM STUDENT'S (AND SPOUSE'S) ASSETS.—The

standard contribution from student's (and spouse's) assets is determined in accordance with paragraphs (1) through (7): "(1) If the student's (and spouse's) assets include a principal place of residence, deduct $30,000 from the net value of the principal place of residence. If the subtraction required by the preceding sentence of this paragraph produces a negative number, the amount determined under this paragraph shall be . zero. "(2) If the student's (and spouse's) assets include assets other than a principal place of residence and other than farm and business assets, deduct $25,000 from the net value of those other assets. If the subtraction required by the preceding sentence of this paragraph produces a negative number, the amount determined under this paragraph shall be zero. "(3) If the student's (and spouse's) assets include farm or ^ business assets, or both, deduct $80,000 in the case of business assets or $100,000 in the case of farm assets from the net value of the farm or business assets, or both. If the subtraction required by the preceding sentence of this paragraph produces a negative number, the amount determined under this paragraph shall be zero. "(4) If the sum of the farm and business deduction and the deductions in paragraphs (1) and (2) exceeds $110,000 in the case of business deductions or $130,000 in the case of farm deduc* tions, the farm and business deduction shall be reduced by the amount that that sum exceeds $110,000, or $130,000, as the case ' • may be. ''(5)(A) The expected contribution from student's (and U spouse's) assets equals 5 percent of the total of the amounts obtained under paragraphs (1), (2), and (3). "(B) If the calculation of effective family income required by subsection (c) produces a negative number, the expected contribution from student's (and spouse's) assets, calculated under this paragraph, shall be reduced by the amount of that negative '^y effective family income. If the subtraction required by the preceding sentence of this subparagraph produces a negative number, the amount determined under this subparagraph shall be zero. "(6) If the married independent student with dependents is separated or divorced, only assets of the independent student shall be considered. "(7) The Secretary shall promulgate special regulations to permit, in the computation of family contributions for the programs under this subpart for any academic year, the exclusion from family income of any proceeds of a sale of farm or business assets of that family if such sale results from a voluntary or involuntary foreclosure, forfeiture, liquidation, or bankruptcy.

Agriculture and agricultuFEil commodities.

ELIGIBILITY DETERMINATION FOR SINGLE INDEPENDENT STUDENTS OR FOR MARRIED INDEPENDENT STUDENTS WITHOUT OTHER DEPENDENTS

411D. (a) COMPUTATION OF STUDENT AID INDEX.—For single independent students or married independent students without other dependents, the student aid index is equal to the amount determined by— "SEC.

20 USC 1070a-4.

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